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about tax reform. but today, one republican congressman is trying to change that. correspondent doug mckelway is here with specifics. >> good evening, bret. house ways and means committee chairman has been working to simplify our massive tax code. it's so complex, camp believes it hinders growth. >> i don't think we can afford to wait. i can't settle for an economy that grows at 2%. >> camp unveiled his proposal that includes 228 provisions of the existing tax code. it flattens into two brackets of 10% and 25% for all taxable income. it creates a standard deduction of $11,000 for individuals, $22,000 for married couples. and it ups the child tax credit to $1,500. it also repealed the alternative minimum tax and simplifies the tax of investment income. but in a town that lives and breathes through tax loopholes carved out by special interest, his plan is coming under heavy fire. >> it's a nightmare for accountants and attorneys, once they stop objecting to the provisions, they'll a lot less work to do. >> one such organization said, it's quote, disappointing that he chose to single out p
pay for some of his suggestions it would include a buffett tax, named for warren buffett, to go after high income americans and boost taxes on airline passengers and tobacco products. the president made the pitch for his blueprint at a washington, d.c. elementary school. >> as a country. we've got to make a decision if we're going to protect tax breaks for the wealthiest americans or make smart investments necessary to create jobs and grow our economy and expand opportunity for every american. >> republicans quickly pounced, saying the president's budget would increase spending by $791 billion over ten years. it never balanced and would add $8.3 trillion to our debt in the neck decade, and they said after mr. obama has raised taxes $1.7 trillion, this would be an additional tax increase to largely pay for new spending and not deficit reduction. the top republican on the senate budget committee says he wants to know when the president is going to get serious. >> this budget will not work. it's bad for america. it does not get us off the debt course we're on. it has total flimflam in it
tax exempt stating are trying to figure out how it started. after the supreme court ruling of january 2010 up holding the rights of groups to contribute to races, president obama called on them to fix it in his address. >> they reversed a century of law that i believe will open the flood gates for special interests. >> a month later, new york democratic senator chuck schumer announced he was introducing the disclose aid, and then in april 2010, the president warned about shadowy groups with harmless sounding names. they said the irs felt the pressure. >> we never heard about any problems with people applying for tax status since 1959 when there were rules put in place. we never had problems until 2009 when this administration took over. that's when it all started. >> at numerous congressional hearings, lawmakers have heard the horror stories of people who had their lives turned upside down by the federal government. >> since that filing in 2010, my private business, my nonprofit organizations, my family and i have been subjected to more than 15 instances of audit or inquiry by federal
these rallies. become taxes. you would think they would be saying thank you. [ laughter ] that's what you would think. >> i think that progressives like myself have made the mistakes of sort of laughing at them and being very dismissive of them. i think that's very dangerous. while they have been a double-edged sword for the republican party because certainly they slot themselves in the foot with candidates that are just too crazy. at the same time they come out to vote. >> judge, what about tea party? >> well, i agree with tara dowdell who was just on there that the tea party is a force to be reckoned with and the democrats and the republicans mock them at their peril. listen, i remember 1976, ronald reagan against gerald ford and the establishment republicans ridiculed reagan as being crazy and extremist and a bomb thrower and an actor and intellectually incompetent and of course he was the greatest force for conservative principles in governance in the post world war era and proved enormously successful. to me, the tea party are the true republicans who are most faithful to the constitution
$230 million of taxes that we paid, not from us but from the russian government. had a young lawyer who investigated, he testified, they then threw him in jail, tortured him and killed him, so i'm well familiar with putin, with the tactics of the russians. >> i also spoke with the former chess champion turned political activist, and he said the move into crimea is sclerly an act of war. he is expecting putin to try to take over all of ukraine, which of course has triggered this conversation about what happens next in terms of the u.s.'s response. >> amazing to hear that. what about economic sanctions? >> well, the issue with economic sanctions is that they cut both ways. i mean, on the one hand, you want to put something in place that actually sends a message to putin and the russians that this will not be tolerated. but at the same time, listen to these numbers. i mean, you have to understand that the u.s. did $38 billion in two-way trades with russia last year. russia did $280 billion in two-way trade for all goods and services with europe. and russia is the third largest trading part
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Search Results 0 to 5 of about 6